Source Documents

A source document is any document which provides an original record of a transaction and details of its nature. As such, they are needed during any audit to demonstrate that a particular transaction occurred, and also to validate the accounting treatment used to account for it. Source documents include any receipts and invoices, as well as purchase orders, wage slips, loan contract, till roles and cancelled or bounced cheques. In order to be useful, a source document needs to include the date, amount and description of a transaction, as well as ideally including the details of the other party to the transaction.

Need help with your MBA?

  • Struggling with MBA coursework?
  • Worried about a forthcoming MBA exam?
  • Need to produce a SWOT analysis?

You need help from an experienced, MBA-qualified, expert.

We can provide you with your own expert, right now, for a fraction of their usual professional fees.

Our MBA-qualified experts can provide you with whatever you need - an essay, plan, outline, model answer, or even a complete SWOT analysis - in as little as 3 hours.

All of our experts are MBA qualified, and all currently practice in a business administration role.  You already know how good they are - they wrote this revision guide for you.

Click here to let us know your requirements or give us a call on 0115 966 7955.

If primary source documents cannot be found, other source documents should be used to support the nature of the transaction. For example, bank statements can be used to show the date and amount of any transaction, and inventory records can be used to show what was bought or sold on that date.

Source documents need to be retained by a business for a significant period of time following any transaction. This is partly for the purpose of mandatory public audits, but also because tax and regulatory authorities can request to see receipts for transactions to verify that a business is paying the correct amount of tax and that its business is legitimate.

Other accounting sections: